Hart Company made 3,100 bookshelves using 21,000 board feet of wood costing $256,200. The company's direct materials standards for one bookshelf are 8 board feet of wood at $12.10 per board foot.

Exercise 23-14A Materials variances recorded and closed LO P5

Hart Company records standard costs in its accounts and its materials variances in separate accounts when it assigns materials costs to the Work in Process Inventory account. (1) Prepare the journal entry that both charges the direct materials costs to the Work in Process Inventory account and records the materials variances in their proper accounts. (2) Assume that Hart's materials variances are the only variances accumulated in the accounting period and that they are immaterial. Prepare the adjusting journal entry to close the variance accounts at period-end.

Required 1 Required 2 Prepare the journal entry that both charges the direct materials costs to the Work in Process Inventory account and records the materials variances in their proper accounts. View transaction list Journal entry worksheet 1 Record price and quantity variances. Note: Enter debits before credits. General Journal Work in process inventory Transaction Debit Credit 1 Direct materials price variance Direct materials quantity variance Raw materials inventory Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 Record closing of price and quantity variances to cost of goods sold. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Required 1 Required 2